We have all heard of a Will and an Enduring Power of Attorney and vaguely know that is something we should get onto at some stage, but we always delay it because we are still young and healthy, too busy, or don’t have the money to pay a lawyer to make them. That is all understandable, BUT the reality is that we are not in control of our own fate and anything could happen to us anytime: whether it be a car accident, a heart attack, a stroke, or a mental health issue. It is simpler than you think to make them – you answer questions that we ask, we draft them, and you sign! Yes, there are costs involved, but it is worth it for your peace of mind. Think of it like an insurance policy, even if you do not lose capacity, you will have it ‘just in case’. Most importantly, we should realise that having a Will and Enduring Power of Attorney is not just for ourselves, but for our loved ones who are left behind or who will be taking care of us if we have lost capacity. Wills What is a Will? For most of us, the main purpose of making a Will is to appoint an Executor/Trustee of your Estate and to ensure that your assets will be distributed to persons or entities that you wish to give your assets to. The Executor/Trustee of your estate is a person who will ensure the distribution of your assets will take place in accordance with your directions in your Will. If you do not have anyone suitable to be the Executor/Trustee of your Estate, a Director of Pier Law can be appointed as the Executor. If you have a child or children under 18 years old or who has disabilities, you may wish to appoint a guardian of the child who will ensure the maintenance of the child whether you are a single mother/father or both parents still together in case both parents die at the same time. If you are married or in a de facto or civil union relationship, have a child or children from a previous relationship, and both you and your spouse or partner die at the same time, you have moral and legal obligations to give assets to your biological children equally whether they are from a previous or current relationship. This means that some restructuring of the joint assets with your spouse or partner may be required. Have you thought about who will take care of your pets? You may wish to appoint someone to take care of your pets after your death. If you do not have anyone to take care of your pets, there are a number of organisations that take pets into their custody and re-home them. Have you thought about giving a little or a lot to charities? Many charities relay on bequests of people to continue providing services to the society. What if I don’t have a Will? If you die without a Will, someone will need to apply to the Court to be appointed as the Executor/Trustee of your estate and once the Executor/Trustee is appointed, your assets will be distributed in the order and the amount specified under the Administration Act 1969. In most cases it is a family member having to apply to the Court, and there may be a dispute within family members as to who should be appointed as the Executor/Trustee of your Estate. It can be a costly and stressful process for your loved ones to go though while they are grieving. Enduring Power of Attorney What is an Enduring Power of Attorney? An Enduring Power of Attorney is a legal document to appoint your Attorney. This is someone who can act on behalf of you when you have lost capacity to make decisions about your property and personal care & welfare matters yourself. Your Attorney should be a person whom you can trust. Your Attorney will be able to step in and ensure all your property and financial matters carry on as usual, for example, payment of mortgage, insurance, rates, and bills, and manage your money in your bank accounts. Your Attorney will also be making decisions on behalf of you as to your medical matters in relation to a treatment or to which hospital or rest home you should be admitted to, and so on. What if I don’t have Enduring Power of Attorney? If you don’t have an Enduring Power of Attorney, everything in your sole name will be blocked and no one can deal with any institutions, including government agencies, on your behalf. Even your spouse or partner or any other family members cannot step in unless they are formally appointed as your Attorney. A consequence of this is that like dying without a Will, it is often a family member having to apply to the Court to appoint themselves to be your property manager and welfare guardian. There may be a dispute between family members as to who should be appointed. It will be costly, and it is your loved ones who will need to go through the stressful process. There is no good time to make a Will and Enduring Power of Attorney but ‘now’. It is part of organising your life for yourself and for your family members. It also saves time and money, as it would end up costing more if you die without a Will or lose capacity without an Enduring Power of Attorney. We offer a Will and Enduring Power of Attorney Package for your peace of mind. Get in touch with us today and we’ll help you get everything sorted. Written by Hiromi Jin’o.
